Hubble Protocol raises $5 million in strategic round led by Multicoin Capital
Hubble Protocol, the home of the USDH stablecoin, announced the completion of a $5 million strategic round led by Multicoin Capital, bringing the project’s total financing to date to $15 million.
Multicoin Capital joins previous investors DeFiance Capital, Delphi Digital, Digital Currency Group, Crypto.com Capital, ParaFi, Jump Capital, Decentral Park Capital, CMS, Spartan Group, DeFi Alliance and Mechanism Capital.
Hubble Protocol is a censorship-resistant stablecoin borrowing platform. It enables the Solana DeFi community to mint and borrow USDH, a USD-denominated, over-collateralized stablecoin against a suite of crypto tokens at a ratio of up to 80% loan to value.
Marius Ciubotariu, co-founder of Hubble Protocol, says:
“This strategic partnership will help us build a robust product ecosystem around USDH and grow its utility and adoption across Solana DeFi.
We want USDH to be the most trusted, most ubiquitous, decentralised, over-collateralized stablecoin in the world. In order to achieve that, we have to continue to innovate with synergistic products and integrations that make USDH the most attractive stablecoin to hold, transact, or lend.”
Hubble will use the funds from its latest raise to advance its roadmap, which includes improvements to the current platform. In addition, the team will advance the use of USDH through the launch of new DeFi products and services.
First among these is Kamino Finance, a concentrated liquidity optimizer that will allow liquidity providers to use their LP tokens as collateral to borrow USDH. The stablecoin can then be used to transact or earn further yield throughout the Solana DeFi network.
Spencer Applebaum, Principal at Multicion Capital, says: “The world’s most ubiquitous, decentralised stablecoin will be built on Solana. Hubble Protocol is taking the concepts first pioneered by MakerDAO and expanding them on Solana by leveraging the network’s unique speed and throughput capabilities. There are only a few ways to safely build a decentralised stablecoin, and Hubble’s over-collateralization approach has been tested through all market conditions.”
In addition to minting USDH, Hubble allows users to stake their stablecoins on the platform to earn native yield from liquidations and stability fees. USDH can also be used to earn yield across the Solana ecosystem, and is currently supported by Orca, Raydium, Saber, and Mercurial with popular pairs such as USDC, STEP, stSOL, and mSOL.